Court : Income Tax Appellate Tribunal ITAT Mumbai
Decided on : Jun-12-2008
..... does not provide that the partners ..... right to receive interest has accrued to the assessee from the partnership firms. she submitted that the partnership firms are very much in business of development of land as they have incurred certain expenses on land development, which were capitalized by them as per their statement of accounts filed with the department.she contended that the provisions of section 13(c) of the indian partnership act, 1932 ..... 28(v) does not arise. 5. both under the partnership act and under clauses 7 & 8 of the partnership deed, the interest is a charge in determining the profits of the ..... right is based on unstated and unspecified accounting practices and legal principles and is not sustainable as all accounting practices and legal principles are contrary thereto. 4. the ld. assessing officer has assessed rs. 19857604/-under the head "profit from business" under section 28(v) rws 5(1)(c) - since no business was carried on, the application of section .....Tag this Judgment!
Court : Andhra Pradesh
Decided on : Dec-04-2008
Reported in : 2009(6)ALT544
..... on the strength of the sections 19, 20 and 22 of the indian partnership act as well.20. section 19 of the act, deals with implied power of partner as agent of the firm.sub-section (1) of section 19, reads as under:subject to the provisions of section 22, the act of a partner which is done to carry on, in the usual way, business of the kind carried on by the firm, binds ..... , the trial court recorded findings in favour of the plaintiff to the effect that theplaintiff is a registered firm and p.w.1 is competent to file the suit. the plaintiff has been running the money lending business and the suit is filed for recovery of the amount on the strength of the promissory note-ex.a-2, and the contents of ..... be scaled down.defendant no. 2 filed the written statement taking a specific plea that the plaintiff has to prove that it is a registered firm and the partner, who signed the plaint, is competent to do so. d-2 and d5 have not actually borrowed the amount of rs. 50,000/- on 13.09.1983. the said amount includes future interest ..... and miscellaneous charges. the partners of the firm are agriculturists and interest is liable to be scaled down.the fourth defendant filed the written statement denying the execution of the .....Tag this Judgment!
Court : Mumbai
Decided on : Aug-14-2008
Reported in : 2008(6)BomCR775
..... majority of the partners, save in the exercise in good faith of powers ..... b) on the retirement, death or expulsion of a partner, or on dissolution of the firm no payment is made to the outgoing partner, his widow or estate for goodwill, as it belongs to the firm and not to any individual partner.section 33 of the indian partnership act, 1932 reads thus: -33. expulsion of a partner.-(1) a partner may not be expelled from a firm by any ..... their reply, paragraph 25 whereof reads as under:25. these opponents, in the aforesaid circumstances, submit that mr. m.n. thakkar opponent no. 5 has no right whatsoever to exclusively manage the business of the firm including administrative, financial and employee matters as alleged by the claimant and in any case the question of mr. m.n. thakkar managing the ..... . the petitioner, respondents and certain others carried on the profession of chartered accountants in partnership as per the terms and conditions contained in a deed of partnership dated 24th april, 2000. the clauses in the partnership deed relevant for the present petition are as under:2. any partner shall be at liberty to retire from the partnership on giving atleast six calender months' notice .....Tag this Judgment!
Court : Punjab and Haryana
Decided on : Feb-27-2008
Reported in : (2008)2PLR651
..... , as per learned counsel for the appellants, substantial questions of law involved in this appeal are as under:1. whether the courts below have misread and misinterpreted the pleadings and evidence led by both the parties?2. whether after the dissolution of the firm due to the death of a partner, the sole surviving partner can ..... deceased partner, therefore, the suit should have been decreed to the extent of an amount of rs. 23,200/- with interest, which is a debt of the dissolved firm. in support of his this contention, learned counsel has placed reliance upon mirza najm effindi v. firm kohinoor footwear co. : air1946all489 . he has further also relied upon section 69(3) of the indian partnership act, 1932. thus ..... . in brief, facts of the case are that the plaintiffs filed a suit for recovery of rs. 27,000/- on february 01, 1988 alleging therein that plaintiff no. 2 is carrying business of commission agent under the name and style of plaintiff no. 1. in order to attract customers, the plaintiffs had been advancing money to them which was adjustable against prices ..... , plaintiff no. 2 had alleged in the replication that he is sole owner of plaintiff no. 1, therefore, the suit in the present form was not maintainable and has been rightly dismissed by both the courts below.14. i have heard counsel for both the parties and perused the record.15. admittedly, the findings of the, trial court that the plaintiffs .....Tag this Judgment!
Court : Intellectual Property Appellate Board IPAB
Decided on : Dec-31-2008
..... and clause (11) provides that for residuary provisions, the indian partnership act shall apply. section 43 of the indian partnership act, 1932 provides procedure for the dissolution of partnership at will. the said section 43 provides that where a partnership is at will, the firm may be dissolved by any partner giving notice to all the other partners his intention to dissolve the firm. by merely stating in ..... the issues, of dissolution of mardan industries and whether the trade mark including goodwill of that firm devolved on the applicant be determined first by the court of competent jurisdiction/ arbitrator. 22. the result is that the applications are dismissed as premature and the miscellaneous petition of the respondents stands disposed of in terms of paragraph 8 ..... be so as to make evidence of great and serious damage a condition precedent to the right to apply. further, we are of the opinion that whenever one trader, by means of his wrongly registered trade mark narrows the area of business open to his rivals, and thereby either immediately excludes or, with reasonable probability will in ..... sardar upkar singh and sardar harvinder singh executed a partnership deed on 29.10.1984 wherein it was decided that the business will be carried on by the partners in the name and style of mardan industries; that during the continuance of business in the name and style of mardan industries, another partnership firm ??mardan industrial corporation was formed constituting of sardar .....Tag this Judgment!
Court : Karnataka
Decided on : Jan-22-2008
Reported in : 2008(3)AIRKarR291; AIR2008NOC2137; 2008AIHC2457(Kar); 2008(5)KLJ220
..... third submission made in this regard is that ex. d-2 cannot be construed as notice to all the partners and therefore it is not a notice at all having regard to the provisions of section 32 of the indian partnership act, 1932 (for short the 'partnership act). in order to reinforce his submission that gopirathnam did not retire from the firm despite the existence of ex ..... other definitions' and under that, the definition given in the indian partnership act, 1932 (based on the partnership act 1890) is also included and the definitions as given by frederick pollock and watson are as under:pollock: partnership is the relation which subsists between parsons who have agreed to sham the profits of a business carried on by all or any of them, on behalf of all ..... awarded to the share of gopirathnam. clauses (18) and clause (19) of the partnership deed ex. d1 read as under:18. neither the partnership nor any of the surviving or continuing partners shall be liable to account to the representatives of the deceased or the outgoing partner for the profits, nor shall they be liable to pay any profits after such date ..... retirement written by the gopirathnam and his death. as the essential requirements of partnership act had not been fulfilled the trial court has rightly dismissed the suit of the plaintiffs. no interference is therefore necessary in this appeal and he prayed for the dismissal of the appeal with costs.36. in support of the above submissions, the learned senior counsel sri yoganarasimha, .....Tag this Judgment!
Court : Delhi
Decided on : Feb-07-2008
Reported in : II(2008)BC559; 148(2008)DLT373; 2008(101)DRJ301
..... that is not the intention of the parliament. 8. a partnership firm is a separate legal entity in terms of the indian partnership act 1932 and it is answerable in law in that capacity. that is how under various statutes like the income tax act 1961, the central excises act 1944, the sales tax laws and section 141 ni act, a firm can be proceeded against as such. it is ..... without indicating the name of the partner. he submits that in terms of section 141 ni act read with the explanationn (a) thereto unless a partner of the firm is also named as an accused and it is specifically averred that such partner was in charge of the affairs of the firm and responsible to it for the conduct of its business, no liability whatever can attach ..... supreme court held that the complaint should contain a specific averment as to the role of each of the partners and in particular that they were in charge of the affairs of the firm and responsible to it for the conduct of its business at the time of the commission of the offence. here that question does not arise since the firm ..... ni act not only against the partnership firm on whose behalf the cheque was issued but also against an individual partner or person who, at the time of the commission of the offence, was in charge of the affairs of the firm or responsible to it for the conduct of its business. there is nothing in the provision which indicates that in every complaint involving .....Tag this Judgment!
Court : Karnataka
Decided on : Jun-13-2008
Reported in : 2009(3)KarLJ562; 2009(1)AIRKarR367; AIR2009NOC871(D.B)
..... the compromise petition and execute a sale deed in terms of the compromise?(c) whether this court can allow the appeal in view of section 69 of the indian partnership act, 1932?it is also relevant to consider the application filed by the appellants under order 22, rule 10 of the cpc seeking permission by the ..... additional issue 1 in negative and additional issue 2 in affirmative and further held that the suit by the firm was not maintainable under section 69 of the indian partnership act, 1932 since the firm was not a registered one. against the findings of the trial court on these two additional issues, the plaintiff has ..... of specific performance for any of the grounds urged by the defendants in para 6 of their written statement?7. to what decree?sri k. raghava reddy, partner of the plaintiff was examined as p. w. 1. he relied upon exs. p. 1 to p. 63. once sri k.a. ramalingam was ..... or rejection, unless the relevant statute or rule so mandates. the procedural defects and irregularities, which are curable should not be allowed to defeat substantive rights or to cause injustice. procedure being a handmade to justice, should never be made a tool to deny justice or perpetuate injustice by any oppressive or ..... learned counsel has filed power on behalf of sri a. rajarathnam. the appellant's counsel is permitted to amend the cause title of the appeal memo.36. then the last question to be considered by us is whether this court can direct the appellants to execute the sale deed in terms of the .....Tag this Judgment!
Court : Kolkata
Decided on : Apr-09-2008
Reported in : 2008(3)CHN590,2(2008)CLT537
..... as such according to mr. roy chowdhury, the plaintiffs have right in the share of subsequent profits of the said business until such accounts are settled and value of the plaintiffs' share are paid in view of section 37 of the indian partnership act, 1932.26. mr. roy chowdhury further submitted that since admittedly the partnership business was started by raising loan from bank and various financial institutions ..... and effective due to non-service of public notice as held by the learned appeal court.43. section 37 of the said act deals with the right of outgoing partner in certain cases to share subsequent profits. the said provision suggests that if the surviving partners carry on business of the firm with the property of the firm without any final settlement of accounts as between ..... other. it is true that one month's notice was not given prior to retirement as per the partnership agreement and as a result ..... not liable to any third party who deals with the firm without knowing that he was a partner.(4) notices under sub-section (3) may be given by the retired partner or by any partner of the reconstituted firm.36. sub-section (1) of section 32 of the said act provides various modes of retirement. the said modes are all independent and/or alternative to each .....Tag this Judgment!
Court : Mumbai
Decided on : Feb-12-2008
Reported in : 2008(2)ALLMR512; 2008(3)BomCR290; (2008)110BOMLR744; 2008(4)MhLj424
..... , and branch offices all over india, including one at churchgate.2. respondent 1 is a partnership firm constituted under the provisions of the indian partnership act and, the rest of the respondents are its partners.3. the respondents have availed various loan facilities from the petitioner's various branches as per ..... possession or after taking over management of business under section 13(4) by the secured creditor vests in the transferee all rights in relation to the secured assets. this is because thereafter assets vest in the secured creditor free of all encumbrances (section 13(6)).(xii) if the dues of ..... measures had been taken.70. so far as secured creditor is concerned, section 36 of the npa act states that the period of limitation as prescribed in the limitation act would be applicable. section 36 reads as under:36. limitation. no secured creditor shall be entitled to take all or any of ..... khanavkar pointed out that in the maharashtra rent control act, there is no express provision making limitation act inapplicable to it yet the supreme court considered the case on the principles enunciated by it and held that the competent authority had no power to condone delay in filing ..... dismissed the application.11. the respondents carried an appeal to the debts recovery appellate tribunal (for short, 'the drat'). the drat held that the possession contemplated under section 13(4)(a) of the npa act cannot be other than actual possession. under section 17, a borrower may be aggrieved by .....Tag this Judgment!